Wealth of top 10 richest men in the world doubled during COVID-19 pandemic: Report

Pandemic Billionaires: The ongoing COVID-19 pandemic has widened the gap between the rich and the poor. According to a report by Oxfam, a confederation of charities that focus on alleviating global poverty, the wealth of the top 10 richest men in the world doubled during the ongoing COVID-19 pandemic as poverty and inequality soared. 

The fortunes of the super-rich witnessed a rise from $700 billion to $1.5 trillion, at an average rate of $1.3 billion per day, more than it did in the past 14 years. It further claimed that it would take the 10 billionaires 414 years to spend their combined wealth at a rate of a million dollars each per day. 

Inequality contributes to a death every 4 seconds. It's not by chance but by choice: our economies are the violent consequence of choices made for and by the richest. #InequalityKills We can change this. Demand a more equal future for all https://t.co/6aRiAEvXsI #FightInequality pic.twitter.com/XBdpxt9BvI

— Oxfam International (@Oxfam) January 17, 2022

Danny Sriskandarajah, Oxfam GB's chief executive, said, "This year, what's happening is off the scale. There's been a new billionaire created almost every day during this pandemic, meanwhile, 99% of the world's population are worse off because of lockdowns, lower international trade, less international tourism, and as a result of that, 160 million more people have been pushed into poverty."

The report termed it as economic violence and claimed that it has contributed to the 21,000 deaths each day due to a lack of access to healthcare, gender-based violence, hunger and climate change.

The ongoing COVID-19 pandemic plunged over 160 million people into poverty, with non-white ethnic minorities and women bearing the brunt of the impact as inequality soared. By 2030, around 3.3 billion people will be living on less than $5.50 per day. 

The report further highlighted that the incomes of 99% of the world's population had reduced from March 2020 to October 2021. The social spendings of developing nations have also been impacted due to a surge in national debts. 

The group urged tax reforms to fund worldwide vaccine production as well as healthcare, climate adaptation and reduction of gender-based violence to help save lives.

The group said it based its wealth calculations on the most up-to-date and comprehensive data sources available and used the 2021 Billionaires List compiled by the US business magazine Forbes.

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According to a list prepared by Forbes, the top 10 richest men in the world are mentioned below.

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